1 Table of Contents 1 Table of Contents 1 1.1 List of Tables 2 1.2 List of Figures 2 2 Project Panorama 3 3 Project Update 4 4 Outlook 5 5 Asset Summary 6 6 Development Overview 11 7 Geology 12 8 Challenges 13 9 Reserves and Production 14 10 Economic Analysis 17 11 Appendix 20 11.1 Contact Us 20 11.2 Disclaimer 20

1.1 List of Tables Table 1: Project Details 3 Table 2: Participation Overview 6 Table 3: Key Valuation Metrics 6 Table 4: Asset Valuation Metrics 8 Table 5: Cash Flow Summary 9 Table 6: State Take Summary 10 Table 7: Production Summary 15 Table 8: Production Data 15 Table 9: Project Cash Flow 18 1.2 List of Figures Figure 1: Annual Cash Flow 7 Figure 2: Full Cycle Expenditure And Revenue Split 7 Figure 3: Remaining Expenditure And Revenue Split 8 Figure 4: NPV Sensitivity 9 Figure 5: Percentage NPV Difference 10 Figure 6: Production 14